Phoenix Metro Area Market Update Dec. 2021
With buyers and sellers focused on the holidays, the downward trend we are seeing is very common for this time of year. Although the numbers (in terms of inventory) and sales price are not in favor of buyers, hopefully buyers will see some new and rising inventory just around the corner (January/February).
Interest Rates
On a positive note for buyers, this is still an amazing time for buyers to take advantage of record low interest rates especially with the Federal Reserve acknowledging that they plan to raise rates (more than once) in the upcoming year.
What does this mean for today’s buyers and sellers?
2022 is forecasted to be a seller’s market, albeit a weaker one than we have seen in 2021. Sellers should continue to avoid overpricing their homes because numbers indicate a direct correlation between overpriced listings to higher concessions to buyers and higher days on the market. Overall, Arizona is still seeing record numbers in the real estate market and experts do not see a “cool off” in the near future.
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